3.12.Prepare a multiple-step income statement for Jackrabbit Inc. from the following single-step statement.

Net sales

$1,840,000

Gain on sale of equipment

15,000

Interest income

13,000

Costs and expenses:

1,868,000

Cost of goods sold

1,072,000

Selling expenses

270,000

General and admin. expenses

155,000

Depreciation

24,000

Equity losses

9,000

Interest expense

16,000

Income tax expense

96,000

Net income

$ 226,000